econ questions
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What does UK GDP per capita measure?
the total output of the UK's economy, divided by the country's population
The GDP per capita of Greece was $22,494 in 2012 and $21,966 in 2013. Based on these figures, the growth rate of GDP between 2012 and 2013 (to two decimal places) was:
-2.35%
Imagine that the GDP per capita of a country had doubled every 100 years. You are asked to draw both linear and ratio scale graphs that plot GDP on the vertical axis, and the year on the horizontal axis. What will be the shapes of the curves?
linear scale graph: an upward-sloping curve with increasing slope (called convex shape) ratio scale graph: an upward-sloping straight line
